Dogecoin ($DOGE) has become the latest cryptocurrency star as the meme token surged roughly 40% on Tuesday. With the momentum, it may flip exchange giant Binance’s native token BNB by market capitalization.
Dogecoin’s price surged roughly 40% on Tuesday, sending the value of the cryptocurrency up more than 114% in the past seven days. At the time of writing (5 May, 10:44AM HKT), Dogecoin is currently worth about $0.58, close to its record high of $0.59.
Dogecoin also reached a market cap of $75 billion, making it the fourth-largest cryptocurrency behind Bitcoin ($1.03 trillion), Ethereum ($386 billion), and Binance Coin ($97 billion). Grossly assuming that Binance Coin’s prices remain unchanged, Dogecoin can flip Binance Coin at roughly $0.77.
Dogecoin tapped fresh all-time highs in the wake of two new exchange listings. Crypto-friendly social trading platform eToro announced support for the Shiba Inu dog-branded cryptocurrency. The new listing opens Dogecoin to over 20 million global users on eToro. Furthermore, crypto exchange Gemini announced its support of Dogecoin starting on Tuesday.
“Dogecoin is people’s money. It’s organic, irreverent, and fun.” Tyler Winklevoss, Gemini CEO, said in a statement with a subheading “Dogecoin Is No Joke”.
Last but not least, on May 8, Tesla CEO Elon Musk is hosting for the first time the iconic comedy show Saturday Night Live (SNL). He has tweeted “The Dogefather SNL May 8,” referencing both the coin and his upcoming appearance on SNL.
Will Ethereum Flip Bitcoin?
Also regarding flippening, with the recent surge in Ethererum (ETH), the crypto community is increasingly bullish about its prospect, starting a discussion of whether ETH will surpass Bitcoin in price.
The Ethereum blockchain has proven to be a solid foundation for new use cases such as decentralized finance (DeFi), and non-fungible tokens (NFTs). ETH price rocketed 25% over the past seven days, smashing through the $3,000 level. It is now trading at $3,309.75.
“The crypto narrative is shifting from Bitcoin to Ethereum and other segments like DeFi and Web 3.0 apps.” Market research firm FundStrat wrote in a research note. FundStrat expects ETH to reach $10,000, and Bitcoin to reach $100,000 this year.
Ethereum blockchain is going through a significant upgrade towards Ethereum 2.0, as it phases through technical hurdles and upgrades from proof of work to proof of stake.
As one of the catalysts, the so-called Ethereum Improvement Proposal 1559, or EIP 1559, is supposed to take effect in July, as part of a network upgrade known as the London hard fork. EIP 1559 is to make transactions on the blockchain more efficient.
Ethereum is one of the main beneficiaries in the wider explosion of DeFi. The total market capitalization for DeFi recently topped $100 billion, with some of the most popular projects, like Uniswap and Compound, built on the Ethereum blockchain.
Meanwhile, Uniswap is releasing version 3 of its protocol. The popular decentralized exchange (DEX) is adding features that make liquidity go further and lower trading risk. The goal of Uniswap v3 is to make it “the most flexible and efficient AMM ever designed,” leading to higher returns for seasoned DeFi traders.